Eddie Smith Jr. said his father bought the car in North Carolina in 1968 for $14,500.

“This is a bittersweet moment for us,” he told the crowd before the bidding began, the LA Times said. “Ferraris came and went, but this one never went, thank God. We enjoyed it as a family for 45 years.”

Smith said his family would donate proceeds from the sale to charity. He said his father was known throughout Lexington, N.C., for giving kids a ride in the car.